Biden administration issues rule that could curb 'gig' work, contracting

 The U.S. Department of Labor on Tuesday issued a final rule that will force companies to treat some workers as employees rather than less expensive independent contractors, in a move that has riled business groups and will likely prompt legal challenges.

The rule is widely expected to increase labor costs for businesses in industries that rely on contract labor or freelancers, such as trucking, manufacturing, healthcare and app-based "gig" services.

Most federal and state labor laws, such as those requiring a minimum wage and overtime pay, apply only to a company's employees. Studies suggest that employees can cost companies up to 30% more than independent contractors.

The rule will require that workers be considered employees rather than contractors when they are "economically dependent" on a company.

It replaces a Trump administration regulation favored by business groups that said workers who own their own businesses or are free to work for competing companies can be treated as contractors.

The new rule adopts a standard that courts have used for years to determine the proper classification of workers. That standard looks at several factors including the degree of control companies exercise over workers and whether the work performed is an integral part of a company's business.

The Labor Department said it does not expect the rule to lead many companies, let alone entire industries, to reclassify workers. But it will enable more effective enforcement against businesses that purposely misclassify workers to save money, the agency said in the rule.

It does not go as far as wage laws in California and other states that place even greater limitations on independent contracting.

https://finance.yahoo.com/news/1-biden-administration-issues-rule-133444392.html

French Legislation Weakens Clean Energy Commitments and Favors Nuclear

 Cheers to France if pending legislation passes as currently written. It effectively scraps most hard commitments and turns more towards nuclear power.

Preliminary Bill relating to Energy Sovereignty

Please consider a Google translation of a Preliminary Bill relating to Energy Sovereignty

Four Key Things

1. The wording of this preliminary bill relating to energy sovereignty is of course not final. It can still evolve between now and its presentation to the Council of Ministers and, then, during its discussion in Parliament. However, it already demonstrates a significant change in the executive’s conception of national energy policy. 
2. This draft bill weakens France’s climate objectives, starting with the objective of reducing our greenhouse gas emissions. The objective would no longer be to “reduce” but to tend towards a reduction in “our greenhouse gas emissions.
3. This preliminary draft proposes to translate into law the executive’s choice to maintain a preponderant share of nuclear energy in electricity production. A choice which breaks with that of reducing this share of nuclear power and which was included in law no. 2015-992 of August 17, 2015 relating to the energy transition for green growth. 
4. This preliminary bill also reflects concern, on the eve of the European elections in June 2024; to abandon the legal category of renewable energies” in favor of a new category, that of “carbon-free energies”.

Removals

• The removal of quantified objectives for production and consumption of renewable energies in mainland France.
• The removal of the objective of encouraging the production of hydraulic energy.
• The removal of the quantified objective for the development of offshore wind power.
• The removal of the objective of encouraging the production of agrivoltaic electricity.
• The removal of the contribution objective to achieving air pollution reduction objectives.
• The removal of the building’s energy performance objective.
• The removal of the multiplication objective ofthe quantity of renewable and recovery heat and cold.
• Removal of the condition for shutting down the operation of a nuclear reactor

New Objectives

• The affirmation of the “sustainable choice of using nuclear energy”
• The new objective of using nuclear energy in the multi-annual energy program

Wow!

How often does France lead the way in common sense?

This has not passed yet, but it represents a clear change in direction if any of it passes, and that seems highly likely.

I wonder if President Emmanuel Macron is starting to look at French polls. Then again, the next French presidential election is not until 2027.

In the US, Biden doubles down on the only tactic he knows, running on Bidenomics while claiming Trump will be a dictator if he wins.

Both are losing tactics.

Why Biden’s Approval Rating Is Miserable

Income is rising and so are wages. Even real income is up. But real wages are another matter.

I explain Why Biden’s Approval Rating Is Miserable in One Economic Chart

Personal income data from the BEA, hourly wages from the BLS, real hourly earnings and chart by Mish.

Also note the third and largest round of fiscal stimulus was in March of 2021. That’s when Biden’s popularity peaked at 55.1 percent.

For discussion, please see The Free Money Has Run Out and it Shows in the Polls

Regardless of why, it appears Macron is on the verge of doing something right. If so, cheers to France.

https://mishtalk.com/economics/french-legislation-weakens-clean-energy-commitments-and-favors-nuclear/

'White House Orders Protocols Review After Austin Was MIA For Prostate Cancer Surgery Complications'

 Finally, after days of public backlash coming from Congressional leaders as well as former Department of Defense officials, the White House is initiating a "review" of Defense Secretary Lloyd Austin's secret hospitalization fiasco. 

Answers are being sought as to just how and why it took nearly four days for the White House, including President Biden and even the Pentagon #2, to be informed that the Pentagon chief was out of commission. The situation has risen to the level of persistent calls for Austin's resignation, but there's no indication this is the plan, especially after Biden on Monday expressed "full confidence" in his appointed defense chief. And as of a Tuesday afternoon briefing:

KIRBY: AUSTIN STILL HAS THE FULL CONFIDENCE OF THE PRESIDENT

White House chief of staff Jeff Zients has launched a review of Cabinet protocols when it comes to delegating authority. A memo sent to all Cabinet secretaries directs departments and agencies to "submit your existing protocols for a delegation of authority" for review by Jan. 12, according to Axios, which has obtained the memo. 

Since the scandal of his absence was revealed (at a moment the Pentagon is involved in several flashpoints from Ukraine to Gaza to the Red Sea), it's been revealed he was for a time in the intensive care unit at Walter Reed medical center.

A statement from the hospital has specified, "On January 1st, 2024, Secretary Austin was admitted to Walter Reed National Military Medical Center with complications from the December 22 procedure, including nausea with severe abdominal, hip, and leg pain. Initial evaluation revealed a urinary tract infection. On January 2, the decision was made to transfer him to the ICU for close monitoring and a higher level of care."

The initial surgery was for prostate cancer. Concerning the readmittance, the Walter Reed statement noted, "During this stay, Secretary Austin never lost consciousness and never underwent general anesthesia."

The Zients memo lays out the following Cabinet protocols to be reviewed and scrutinized: 

• Delegation criteria
• Decision-making authority
• Applicable documentation
• Notification procedures
• Rescission of delegation

Making matters worse, while Deputy Defense Secretary Kathleen Hicks is said to have been tasked with "some duties" during Austin's absence - it remains that she was on vacation and didn't so much as know that her boss was out of commission.

Several Iran-backed militant attacks on US bases in Syria and Iraq happened last week while there was no one at the help of the Defense Department: "Nine since Jan.4"...

And he's actually still in the hospital, and is said to be working from his hospital bed. Austin "has received operational updates and has provided necessary guidance to his team" since resuming duties on Friday evening.

"While we do not have a specific date for his release at this time, we will continue to provide updates on the Secretary's status as they become available," Ryder added.

https://www.zerohedge.com/military/calls-grow-pentagon-chiefs-resignation-white-house-orders-protocols-review

SEC says 'unauthorized' message about bitcoin ETF approvals not accurate

 It was the moment that the crypto world had been waiting for. Then it wasn't.

The price of bitcoin (BTC-USD) soared to nearly $48,000 Tuesday afternoon after what appeared to be a message from the Securities and Exchange Commission on X, formerly known as Twitter, announcing that the regulator had granted approval for the launch of spot bitcoin exchange-traded funds.

The SEC had been expected this week to rule on whether as many as 14 different money managers would be allowed to launch the products, which would would allow everyday investors to get exposure to bitcoin without having to own it.

Fifteen minutes later, SEC chair Gary Gensler declared that message to be both "unauthorized" and inaccurate. In his own message on X, Gensler said the SEC's account on that platform had been "compromised" and that "an authorized tweet was posted."

"The SEC has not approved the listing and trading of spot bitcoin exchange-traded products," he added.

An SEC spokesperson said separately that "the unauthorized tweet regarding bitcoin ETFs was not made by the SEC or its staff."

The price of the world's largest cryptocurrency then fell back to $45,500, losing $63 billion in market value over just a matter of minutes.

The communications mishap was the latest drama in a market frenzy surrounding the potential approval of these ETFs, which could expand widespread acceptance of the world’s biggest cryptocurrency and make bitcoin a potential staple in 401(k)s, IRAs, and pension plans.

Speculation surrounding these products helped push the price of bitcoin up more than 150% in 2023. The cryptocurrency rallied again to start 2024 as investors became more optimistic the applications would be approved.

https://finance.yahoo.com/news/sec-says-unauthorized-message-about-bitcoin-etf-approvals-not-accurate-221322008.html

Intuitive Surgical prelims pre-JP Morgan

 Intuitive (the “Company”) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced certain unaudited preliminary fourth quarter and full year 2023 financial results ahead of its presentation at the 42nd Annual J.P. Morgan Healthcare Conference on January 10, 2024.

Financial and Operational Highlights

• Fourth quarter 2023 worldwide da Vinci procedures grew approximately 21% compared with the fourth quarter of 2022. The comparative fourth quarter of 2022 reflected a resurgence of COVID-19 in China, which negatively impacted procedure volumes in the region.
• Full year 2023 worldwide da Vinci procedures grew approximately 22% compared with 2022. The Company expects worldwide da Vinci procedures to increase approximately 13% to 16% in 2024 as compared to 2023.
• The Company placed 415 da Vinci surgical systems in the fourth quarter of 2023, an increase of 12% compared with 369 in the fourth quarter of 2022. The Company placed 1,370 da Vinci surgical systems in 2023, an increase of 8% compared with 1,264 systems in 2022.
• Preliminary fourth quarter 2023 revenue of approximately $1.93 billion increased 17% compared with $1.66 billion in the fourth quarter of 2022. Preliminary 2023 revenue of approximately $7.12 billion increased 14% compared with $6.22 billion in 2022.

Preliminary Results

The Company expects fourth quarter 2023 revenue of approximately $1.93 billion, an increase of 17% compared with $1.66 billion in the fourth quarter of 2022. The Company expects 2023 revenue of approximately $7.12 billion, an increase of 14% compared with $6.22 billion in 2022. The unaudited results in this press release are preliminary and subject to the completion of the Company’s final closing procedures and annual independent audit and, therefore, are subject to adjustment.

Preliminary fourth quarter 2023 instruments and accessories revenue increased by 22% to approximately $1.14 billion, compared with $0.94 billion in the fourth quarter of 2022, primarily driven by growth in da Vinci procedure volume and higher pricing for instruments and accessories, partially offset by customer buying patterns. Preliminary full year 2023 instruments and accessories revenue increased by 22% to approximately $4.28 billion, compared with $3.52 billion for 2022, primarily driven by growth in da Vinci procedure volume and higher pricing for instruments and accessories, partially offset by customer buying patterns.

Fourth quarter 2023 da Vinci procedures increased approximately 21% compared with the fourth quarter of 2022. In 2023, approximately 2,286,000 surgical procedures were performed with da Vinci surgical systems, an increase of approximately 22% compared with approximately 1,875,000 surgical procedures performed with da Vinci surgical systems in 2022. The growth in the Company’s overall procedure volume in 2023 was largely attributable to 25% growth in U.S. general surgery procedures as well as 27% growth in outside of the U.S. total procedures, primarily driven by cancer procedures. The Company expects worldwide da Vinci procedures to increase approximately 13% to 16% in 2024.

Preliminary fourth quarter 2023 systems revenue increased by 6% to approximately $480 million, compared with $451 million in the fourth quarter of 2022. Preliminary full year 2023 systems revenue of approximately $1.68 billion was consistent with 2022.

The Company placed 415 da Vinci surgical systems in the fourth quarter of 2023, compared with 369 systems in the fourth quarter of 2022. The fourth quarter 2023 da Vinci surgical system placements included 201 systems placed under operating lease arrangements, of which 109 systems were placed under usage-based operating lease arrangements, compared with 154 systems placed under operating lease arrangements, of which 70 systems were placed under usage-based operating lease arrangements in the fourth quarter of 2022.

The Company placed 1,370 da Vinci surgical systems in 2023, compared with 1,264 systems in 2022. The 2023 da Vinci surgical system placements included 659 systems placed under operating lease arrangements, of which 355 systems were placed under usage-based operating lease arrangements, compared with 492 systems placed under operating lease arrangements, of which 216 systems were placed under usage-based operating lease arrangements in 2022.

Impact of COVID-19 Pandemic

During early 2023, COVID-19 resurgences in China continued to negatively impact our procedure volumes; however, as infections and hospitalization started to decrease, we saw a recovery of procedure volumes. During the remainder of 2023, we did not experience significant disruptions from COVID-19. However, COVID-19 has had in the past, and could have in the future, an adverse impact on the Company’s procedure volumes.

Commenting on the announcement, Intuitive CEO Gary Guthart said, “We are pleased with customer adoption of our platforms and their use during the quarter and full year. We remain focused on supporting our customers’ pursuit of the quadruple aim in acute interventions.”

Additional unaudited preliminary revenue and procedure information has been posted to the Investor Relations section of the Intuitive website at: https://isrg.gcs-web.com/.

The Company is scheduled to present at the 2024 J.P. Morgan Healthcare Conference on January 10, 2024, at 9:00 a.m. PST. The Company is scheduled to report its fourth quarter 2023 results during a conference call on January 23, 2024, at which point the Company will discuss the 2023 financial results in more detail. Dial-in and webcast access information for both of these events are also available in the Investor Relations section of the Intuitive website.

https://www.globenewswire.com/news-release/2024/01/09/2806665/7637/en/Intuitive-Announces-Preliminary-Fourth-Quarter-and-Full-Year-2023-Results.html

Inari prelims, guidance

 

• Preliminary unaudited revenue for the fourth quarter of 2023 is expected to be at least $132.0 million, up approximately 22% year-over-year.
• Preliminary unaudited revenue for the full year 2023 is expected to be at least $493.5 million, up approximately 29% over the full year 2022.
• Published FLAME high-risk PE study. Commenced patient enrollment in PEERLESS II, Inari’s third randomized controlled trial (RCT) in venous thromboembolism (VTE). Continued progress with enrollment for PEERLESS and DEFIANCE RCTs.
• Closed the LimFlow acquisition.

“Our fourth quarter was successful and highly productive. We generated robust revenue growth driven by healthy VTE procedure volumes, continued traction across our emerging therapies and another quarter of strong international performance,” said Drew Hykes, CEO of Inari Medical. “In addition, we made solid progress across all three of our RCTs and began launching LimFlow in the U.S. Looking ahead, we are focused on continuing to deliver strong growth and progressing towards operating profitability. Most importantly, we remain fully committed to our mission of driving better outcomes for our patients.”

Full Year 2024 Revenue Guidance and Consolidated Profitability Update

• Inari expects full year 2024 revenue of $580 million to $595 million, reflecting growth of approximately 17.5% to 20.5% over 2023.
• In addition, the company now expects to reach sustained operating profitability in the first half of 2025, versus the prior forecast for sustained operating profitability in the second half of 2025.

Further detail will be provided when Inari reports its financial results for the fourth quarter and full year 2023. The preliminary unaudited revenue results described in this press release are estimates only and subject to revision, including the completion of customary annual audit procedures, until Inari reports its full financial results for the fourth quarter and full year 2023 in its Annual Report on Form 10-K.

https://www.globenewswire.com/news-release/2024/01/09/2806088/0/en/Inari-Medical-Announces-Preliminary-2023-Revenue-and-2024-Guidance.html

OptimizeRx prelims, outlook

 

• Preliminary revenue for 2023 is expected to exceed the Company’s previously announced guidance range of $68-$70 million. The stronger than expected top-line performance was driven by end of year success with DAAP (Dynamic Audience Activation Platform), as the Company closed the year with 24 deals. This is expected to result in a sequential improvement to the Company’s KPIs.
• Fourth quarter 2023 adjusted EBITDA is expected to be a new highwater mark for the Company primarily as a result of a higher margin solution mix.
• During the fourth quarter, the Company successfully completed its previously announced expense reduction measures while streamlining the business and focusing on core strategic priorities.
• The integration of the Medicx Health acquisition is tracking ahead of internal expectations and the majority of integration activities are expected to be completed by the end of the first quarter of 2024.

Will Febbo, OptimizeRx CEO commented, “Our fourth quarter is expected to show a strong finish to the year, where we were able to post meaningful growth in our core business. Perhaps most notably, we were able to end the year with 24 DAAP deals, which provides us with a significant revenue launchpad for 2024 and reinforces our confidence in our ability to achieve our 2024 guidance with revenue of at least $110 million and at least 10% adjusted EBITDA margins.”

“During the fourth quarter of 2023, we acquired Medicx Health, a leading healthcare consumer-focused omnichannel marketing and analytics company, while simultaneously reducing our legacy operating expenses by approximately 10% by streamlining operations and focusing on key strategic priorities. This positions us as a dominant player for pharma marketing solutions and a more profitable company highly focused on leveraging AI technology to help pharma take a patient-first approach to marketing.”

The Company plans to report its full fourth quarter and full year 2023 results and conduct an earnings call in early March.

https://www.globenewswire.com/news-release/2024/01/09/2806172/0/en/OptimizeRx-Preannounces-Select-Expected-2023-Financials-and-Provides-a-Business-Update.html